Founder of Bitcoin Black Friday Shuts Down Website, Citing BTC is Not a Consumer Payment

Jon Holmquist, the creator of the Bitcoin Black Friday is shutting down the events as he says these have completed their mission.

The announcement was made on the Bitcoin Black Friday official website, with Holmquist mentioning that he’s no longer keen on the idea of BTC consumer payments.

Holmquist Sees Bitcoin as a Means for Investment and Financial Tool

Holmquist argued that Bitcoin is a financial tool and investment vehicle. He also said simpler payments should be made in altcoins like the Bitcoin Cash (BCH). This is what he wrote:

“I have decided not to continue running the Bitcoin Black Friday event. After 7 years, and 6 successful events, I have fallen out of love with using bitcoin as a means of consumer payment. Although other alternatives like BCH exist, I think that the fundamental use case of Bitcoin is, and remains, a form of investment and as a new financial instrument.”

BCH Should be Spent

The Bitcoin Black Friday 2019 would be an event seeing BTC/USD trading at an important discount, many would say. In the week that passed, Bitcoin (BTC) dropped by 20% and barely managed to raise above $7,100. Holmquist leaving the Bitcoin Black Friday events to shut down seems to deliver a very subtle swipe for other cryptocurrencies. As he implied himself, BCH is not meant for long-term investment and should be spent. This also indicates that BCH assets don’t possess the same qualities when it comes to hard money such as Bitcoin, which means they resemble easy money like fiat currencies. Holmquist also said he sees Bitcoin as a needed function and that he doesn’t use it as a new payment rail.

Bitcoin Black Friday Has Accomplished Its Mission

In the conclusion of his statement, Holmquist had this to say about the Bitcoin Black Friday Event:

“I think the initial mission this site had is very much accomplished.”

However, this won’t stop businesses from offering Black Friday discounts. Some of these discounts are the free trading ones from Binance and the 30% off on hardware wallets provided by Ledger.